GTC and Rodamco Europe to build across the nation

Globe Trade Centre (GTC), which owns the Galeria Mokotow shopping and entertainment center and Rodamco Europe have signed an agreement to jointly construct and manage new shopping centers throughout Poland. Under the agreement, 50% of GTC's subsidiary controlling Galeria Mokotow will change hands at the price of around euro165 million. The transaction should be finalized before the end of the year. "The deal with Rodamco Europe, one of the top European investors, will allow GTC to strengthen its position in the market for building shopping centers. We will undertake new and exciting projects in the biggest cities across the country," said GTC supervisory board chairman, Eli Alroy. The first project to get underway will be a euro100 million shopping mall in Krakow which will be owned by both partners. All that is now necessary is final permission to buy the land. The complex should be completed before the end of 2004. (Prawo i Gospodarka, p. 6) J.K.